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TMI Blog2008 (5) TMI 140X X X X Extracts X X X X X X X X Extracts X X X X ..... a higher rate of 65%. – in view of HC decision in Bharat Ram Charat Ram P. Ltd. , held that assessee was an industrial company and chargeable to tax at a lower rate applicable to an industrial company - 287 of 1995 - - - Dated:- 21-5-2008 - RAJIVE BHALLA and RAKESH KUMAR GARG JJ. Shri Krishan Mehta, Advocate for the applicant. Shri Santosh Sharma, Advocate for the respondent. JUDGM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Delhi High Court decision in the case of CIT v. Bharat Ram Charat Ram (P) Ltd. 147 ITR 190 decided the issue in favour of the assessee and held that the assessee was an industrial company and chargeable to tax at a lower rate applicable to an industrial company. 3. The Tribunal also declined to interfere in the order of the First Appellate Authority because that order was based on the rati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ether the assessee is an industrial company within the meaning of Section 2(8)(C) Explanation (1) of the Finance Act, 1984, i.e., whether the lower rate of tax is to be charged from the assessee as an "industrial company". 7. The industrial company has been defined in the each Finance Act as follows: "Industrial company means a company which is mainly engaged in the business of generation or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Chapter VIA of the Income-tax Act) is not less than fifty-one percent of such total income." 8. The provisions of Section 2(8)(C) Explanation (1) of the Finance Act, 1984, are pari-materia with the provisions of the definition of Industrial Company as defined under Section 2(7)(d) of the Finance (No.2) Act, 1967. These provisions have been interpreted by a Division Bench of Hon'ble Delhi High ..... X X X X Extracts X X X X X X X X Extracts X X X X
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